KARACHI: The executive board of the National Accountability Bureau (NAB) has deputed NAB Karachi Director General Altaf Bawani to initiate an inquiry against Securities Exchange Commission of Pakistan (SECP) Chairman Shaukat Hussain Abbasi’s appointment.
Hussain was appointed chairman by former premier Shahid Khaqan Abbasi on May 11, 2018.
NAB officials Sunday revealed that the anti-corruption watchdog had started the investigation on a complaint, alleging that Hussain was appointed the SECP chief in violation of the prescribed rules.
“Hussain was appointed in violation of provisions of the SECP Act, whereby he was selected merely because of his political relationships, especially with Shahid Khaqan Abbasi,” the complaint reads.
It merits mentioning here Hussain has only served in SECP’s Company Registration Department. “He has no exposure to other core and sensitive areas being regulated by the SECP such as capital markets, specialised companies, insurance, enforcement, etc.”
The senior most position at which he had served was in-charge of Company Registration Office, Islamabad. It was only in middle of 2017 when he was made head of SECP’s Registration Department on a stop gap arrangement after the then head of department, Bushra Aslam, suffered a serious brain stroke.
However, the carrier of Hussain started thriving soon after Shahid Khaqan Abbasi took oath the PM, and he (Hussain) was promoted the executive director in January 2018. By that time, short listing of candidates for vacant positions of commissioners at SECP was already completed. The names of five short-listed candidates were also published in newspapers and record of Ministry of Finance had confirmed this fact.
“It is also important to mention here that short-listed candidates, including eminent professionals, in field of finance and capital markets were ignored. Even some other senior and qualified candidates who had applied within SECP were allegedly neglected.
Furthermore, the firs list of shortlisted candidates was allegedly annulled after the intervention of ex-premier Shahid Khaqan Abbasi and a couple of names, including that of Hussain, were added. The Finance Ministry’s record had confirmed that Hussain had not applied for vacant position within period specified in a newspaper advertisement, published on September 2017 for inviting applications.
Interestingly, Hussain was interviewed by the then prime minister, selected and appointed as SECP commissioner. Just a month after, he was made chairman of the prestigious institution.
Hussain is currently withdrawing a salary of over Rs 2 million per month along with other perks, making it a perfect case for the country’s top anti-graft body to probe after the Supreme Court’s July 14 verdict where in it had directed the NAB to look into the top appointments in government institutions where officials were getting salary above Rs 1.5 million.
It had also been alleged that one of the close relatives of the SECP chairman, who was political secretary to the then prime minister, made it possible for Hussain to get to top SECP slot.
Published in Daily Times, July 23rd 2018.
